Shell Offshore Inc., a subsidiary of Shell plc, has agreed to sell its 100% interest in Shell Onshore Ventures LLC which holds a 51.8% membership interest in Aera Energy LLC to IKAV for a total consideration of approximately $2 billion in cash with additional contingent payments based on future oil prices, subject to regulatory approval. The transaction has an effective date of October 1, 2021 and is expected to close in Q4 2022.

“This decision supports our strategy to create a resilient and competitive Upstream portfolio by focusing on positions with high growth potential and a strong integrated value chain,” said Zoe Yujnovich, Shell’s Upstream Director.